I was short on housing stocks and everything was going well and suddenly at 2 pm after fomc minutes market changed direction. Look at the volume starting at 2. I tried to figure out what was in the minutes that triggered it. I expect this kind of reaction on news. But I dont see any news. Any ideas?
US rate futures jump as Fed seeks exit strategy Tue Nov 22, 2005 2:14 PM ET www.reuters.com - U.S. short-term interest rate futures jumped on Tuesday after minutes from November's Federal Open Market Committee meeting suggested the central bank was looking for a way to change the wording of its statements.- -The minutes said that some Fed members worried about "risks of going too far with the tightening process."- -Dealers said the minutes supported ideas that the FOMC could pause its program of rate increases early in 2006.- -Chances of a Fed rate move in March, the meeting that recently has been most "in play" in futures, dropped to 38 percent from about 58 percent-
i was watching it too with my finger on the "short button"...luckily i didnt hit it. it was news, significant news. Interest rates directly effect housing sales.
I see. Yahoo news headline says "Policy-Makers Felt Need to Raise Rates" Which points in other direction. Thanks for input.
Looks like the plan was to inflate away the debt after all. USD $1 bills will soon become shit paper and a cheaper alternative to firewood to keep the home warm this christmas.